Bacalhau and Bacalhau Norte (formerly Carcara) Report

Asset Report 13 February 2025

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            <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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Bacalhau and Bacalhau Norte are a single large pre-salt accumulation located in Brazil's Santos basin. Equinor took the final investment decision in June 2021 and production is expected to start-up in 2025. Our reserves estimate for the Bacalhau discovery, including its extension into the Norte de Bacalhau block, is 2 billion barrels of oil equivalent (Bacalhau Norte contains 52% of the reserves and Bacalhau field the remaining 48%). For a full analysis, please assess Bacalhau and Bacalhau Norte models together.</div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

<li class="list__item-toggle font-semibold">
        Summary
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        <a href="#76c111a3-813e-471e-9e3f-e67db60eab30" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="76c111a3-813e-471e-9e3f-e67db60eab30" aria-expanded="false">
            Key Issues
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        <ul id="76c111a3-813e-471e-9e3f-e67db60eab30" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Bacalhau FPSO arrives in Brazilian waters
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    <li class="push-quarter--bottom">
        Development concept and phases
    </li>
    <li class="push-quarter--bottom">
        Final investment decision (FID)
    </li>
    <li class="push-quarter--bottom">
        Challenging full-cycle economics for Bacalhau Norte
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    <li class="push-quarter--bottom">
        High-pressure reservoir presents challenges
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        History
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        Local content
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        Unitisation
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        <a href="#ebd393bd-25b8-4a60-a838-4b49c97014fe" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="ebd393bd-25b8-4a60-a838-4b49c97014fe" aria-expanded="false">
            Gas
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        Wells
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        Operating costs
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<h3 class="alpha push-half--bottom">Tables and charts</h3>

<p class="push-half--bottom">This report includes the following images and tables:</p>

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         <li class="list__item push-quarter--bottom">Field Hydrocarbon Characteristics</li><li class="list__item push-quarter--bottom"></li><li class="list__item push-quarter--bottom">Reserves (2P) at 01/01/2025</li>
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        <ul class="list list--bullets panel-toggle" id="6598ec524e7b49898ae689bc7223397e">
            <li class="list__item push-quarter--bottom">Production (2024-2033)</li><li class="list__item push-quarter--bottom">Production Profile - Bacalhau</li><li class="list__item push-quarter--bottom">Production Profile - Bacalhau Norte</li><li class="list__item push-quarter--bottom">Capital Costs 2020 to 2029 (US$ million)</li><li class="list__item push-quarter--bottom">Operating Costs 2025 to 2034 (US$ million)</li><li class="list__item push-quarter--bottom">Index Map</li><li class="list__item push-quarter--bottom">Detail Map</li><li class="list__item push-quarter--bottom">Current participation</li><li class="list__item push-quarter--bottom">Cash Flow (US$)</li>
                <li>15 more item(s)...</li>
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<h3 class="alpha push-half--bottom ">What's included</h3>
<p class="push-half--bottom ">This report contains:</p>
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<p class="font-regular" >Bacalhau and Bacalhau Norte (formerly Carcara)</p>
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